Revolution Lighting Technologies Opens New Facility in Simi Valley, California to Support Production of BAA/TAA Compliant LED Tubes
New 60,000 sq. ft. state of the art production and warehouse facility has already produced more than 45,000 Buy American Act (BAA) & Trade Agreements Act (TAA) compliant LED tubes for installation, and expects production to ramp up significantly; installed projects include several Federal Energy Saving Performance contracts
STAMFORD, CT -- (Marketwired) -- 04/20/17 --
Revolution Lighting Technologies, Inc. (NASDAQ: RVLT) ("Revolution Lighting"), a global provider of advanced LED lighting solutions, today announced it has opened a new state of the art facility in Simi Valley, California, expanding the warehouse and production space for its industry leading LED technologies, including its high performance Buy American Act (BAA) and Trade Agreements Act (TAA) compliant LED tubes.
The facility, opened in March of this year, is approximately 60,000 sq. ft. and will house the Company's sourcing and distribution teams, as well as a significantly larger space for inventory, production and testing.
Since the opening of the facility, the Company has produced more than 45,000 BAA and TAA compliant LED tubes for installation, and expects production to ramp up significantly. Recent projects that installed BAA or TAA tubes from the Simi Valley facility include several Federal Energy Saving Performance contacts; the Battleship New Jersey; GSA buildings in Texas and Michigan; a U.S. Naval base in California; a U.S. Air Force base in the Southwest U.S.; and a munitions depot in the Northeast U.S. The implementation of the high efficiency LED lighting will reduce lighting energy use by more than 65% and is expected to achieve an average payback of two years. The Company also continues to pursue other federal-based projects for its BAA and TAA compliant tubes.
"The opening of our new facility in Simi Valley is a significant step for our Company as we continue to ramp up production of our BAA and TAA compliant LED tubes," said Robert V. LaPenta, CEO and Chairman, Revolution Lighting. "We are proud to be able to offer industry-leading American-made LED lighting solutions to the U.S. Government and its many entities, and believe we are well-positioned to continue our penetration into that market and to help these agencies meet their energy efficiency requirements."
The Buy American Act and Trade Agreements Act, in general, were put in place to require federal agencies to first consider American-made products over foreign ones. Since 1975, almost 20% of the federal government's annual energy expenditures and use has been on electricity, representing a significant market opportunity for Revolution Lighting to provide its energy efficient LED solutions.
About Revolution Lighting Technologies Inc.
Revolution Lighting Technologies, Inc. is a leader in the design, manufacture, marketing, and sale of LED lighting solutions focusing on the industrial, commercial and government markets in the United States, Canada, and internationally. Through advanced LED technologies, Revolution Lighting has created an innovative lighting company that offers a comprehensive advanced product platform of high-quality interior and exterior LED lamps and fixtures, including signage and control systems. Revolution Lighting is uniquely positioned to act as an expert partner, offering full service lighting solutions through our operating divisions including Energy Source, Value Lighting, Tri-State LED, E-Lighting, All-Around Lighting and TNT Energy to transform lighting into a source of superior energy savings, quality light and well-being. Revolution Lighting Technologies markets and distributes its products through a network of regional and national independent sales representatives and distributors, as well as through energy savings companies and national accounts. Revolution Lighting Technologies trades on the NASDAQ under the ticker RVLT. For more information, please visit http://www.rvlti.com/ and connect with the Company on Twitter, LinkedIn and Facebook.
Cautionary Statement for Forward-Looking Statements
Certain of the above statements contained in this press release are forward-looking statements that involve a number of risks and uncertainties, including statements about the public offering, Revolution Lighting's proposed use of proceeds and statements relating to expectations regarding the completion of the public offering. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Reference is made to Revolution Lighting's filings under the Securities Exchange Act for additional factors that could cause actual results to differ materially, including the Risk Factors described in Item 1A of our Form 10-K for the fiscal year ended December 31, 2015. Revolution Lighting Technologies undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Readers are cautioned not to place undue reliance on these forward-looking statements.
Source: Revolution Lighting Technologies
Released April 20, 2017